India Forex Reserves 2022: The figures of the country’s foreign exchange reserves have been released by the Reserve Bank of India on Friday. Let us tell you that the country’s foreign exchange reserves have declined by $ 1.09 billion to $ 529.99 billion in the week ended November 4. The reason for this has been a huge decline in gold reserves.
RBI released data
Foreign currency assets (FCA) declined by $120 million to $470.73 billion during the week ended November 4, 2022, according to the weekly data released by the Reserve Bank of India (RBI) on Friday. Foreign currency assets, expressed in dollars, reflect the effects of a decrease or increase in the value of non-dollar currencies such as the euro, pound, and Japanese yen held in reserves.
increased in October
According to the RBI, in the week ended October 28, 2022, there has been an increase of $ 6.561 billion in foreign exchange reserves and it has increased to $ 531.081 billion. Earlier in the week, foreign exchange reserves had fallen by $ 3.847 billion to $ 524.52 billion.
this led to the decline
Last week, foreign exchange reserves had increased by $ 6.56 billion to $ 531.08 billion, which was the fastest growth in a single week during the year. A year ago, in October 2021, the country’s foreign exchange reserves had reached an all-time high of $ 645 billion. The main reason for the fall in the country’s currency reserves is that the central bank is taking help from the currency reserves to stop the fall of the rupee due to global developments.
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so much gold reserves
According to the data, the country’s gold reserves in terms of value declined by $ 705 million to $ 37.057 billion. The central bank said that the special drawing rights (ADR) have come down by $ 235 million to $ 17.39 billion. According to RBI data, the country’s reserves kept in the International Monetary Fund (IMF) have also come down by $ 27 million to $ 4.82 billion.
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